ok got the moving averages, now what do i look for?
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Quoting tkimbleDislikedMy daytime scalping plan is very simple. My goal is to average 10 PIPS per day. The rules are as follows:
Long: 1 PIP above the previous days high on a daily chart
Short: 1 PIP below the previous days low on a daily chart
I use a 40 PIP stop.
My goal is to average 10 PIPS profit per day. Sometimes the trade will run in the right direction and I will let it go but lock in my 10 pip profit. Always close trade at end of session or after you have taken the 10 PIP profit and wait for the next day. This system works well in the JPY/USD market.
There is another derivative of this system that I use that concentrates on the previous days open and close instead of the previous days high and low. That would take more time to explain.
Happy Trading,
TkimbleIgnored
Quoting Scott111552DislikedThank you for all I've learned on your thread... an outstanding strategy that you have here.. I have a question concerning your scalping strategy.... Do you place a long and short trade at the same time, then cancel one when the other is triggered? Thanking you in advance....Ignored
Quoting dave1964DislikedCheck me if you would on the usd/jpn i am currently showing the rsi >50 and the high sma >5 pips up would this be a good buy signal? Thanks for the infoIgnored
Quoting dave1964DislikedI did not realize the above entry, so at the beginning were you using 30min charts and now you are using daily charts, is the rsi the same?Ignored
Quoting tkimbleDislikedYes. I place both buys and sells at the close of the daily market. I do not remove any orders because you never know what will happen.
TkimbleIgnored
Quoting mikejodyDislikedHow long have you been trading this method, and do you have any stats on it? It appears that you would need to have 5 winners for every loser with a 10 pip target and a 40 pip stop.
This system sounds much like Orange Roshan's method, which I voiced opposition to because of the poor "expectancy ratio". Many people private messed me and said they were doing well in the beginning, but long term it lost them money due to the win/loss ratio.
What are your thoughts?Ignored
Quoting dave1964DislikedThanks for the clarification, looks like a good system, one more question, on the 30min chart i should have the 45rsi and the 3 moving averages?Ignored
Quoting Scott111552DislikedDave, I think he uses the 50 rsi now.....Ignored
Quoting Scott111552Dislikedsorry about that........I thought I saw something about a 50 rsi... my mistakeIgnored
Quoting tkimbleDislikedMy thoughts are simple. It make money for me. You can have losing weeks from time to time. Again, your discipline as to be solid to follow this system. It defies human instincts to look a chart that only take 10 pips per day. Most traders believe that they have to trade when in reality, the goal is to make money.
Hope this helps,
TkimbleIgnored